Despite multiple indicators suggesting Ripple’s (XRP) price would retest $0.65 in August, the token has struggled to reach that level. However, as the month comes to an end, crypto whales have begun accumulating XRP in large quantities.
If this buying trend continues, on-chain analysis indicates that XRP could move closer to the $1 mark. Here are the details.
Ripple Whales Scoop Tokens Worth Almost $30 Million
According to Santiment, crypto whales holding between 1 million and 10 million tokens have made another round of purchases. On-chain data reveals that this group accumulated 50 million XRP in the last 24 hours.
At the current price, this accumulation is valued at $29.50 million. Large-scale buying typically influences prices, often leading to increases, while sell-offs by whales tend to drive prices down.
In the case of XRP, this strong accumulation could potentially reverse the recent downtrend, which saw its price decline by 3% over the past seven days.
Additionally, the number of active addresses on Ripple’s network was just over 15,000 on Monday. However, as of this writing, that number has risen to 18,100.
The active addresses metric tracks the number of users engaging in transactions on a blockchain.The rising number indicates more wallets are interacting with the token, further reinforcing a bullish outlook.
Read more: Getting Started With Ripple Wallets
XRP Price Prediction: Will the Token Rally Towards $1?
Meanwhile, TraderSZ, a prominent crypto trader on X, seems to share a similar sentiment. According to him, XRP is gearing up for a massive rally that could send the price toward the $1 mark.
From the chart, the crypto looks set to rise past the descending trendline. As seen in the weekly chart below, the last time XRP did that, it rallied toward $0.90 and eventually surpassed $1.
A closer look at the daily chart shows that XRP’s price has risen above the 20-day Exponential Moving Average (EMA), which tracks trend direction. Trading above the EMA is typically a bullish signal for the cryptocurrency.
As indicated on the chart, XRP faced resistance at the $0.61 level due to it being a supply zone that requires significant bullish momentum to break through. However, that may soon change as XRP bulls appear poised to push the price beyond $0.65.
Further supporting this outlook, XRP has been consistently forming higher lows. Higher lows occur when each lowest point is higher than the previous one, signaling that buyers are accumulating at progressively higher prices. This pattern suggests growing strength and confidence in the token’s potential for an upward move.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
If sustained, XRP might resume its uptrend, and surpassing $0.63 could be the first stop. If achieved, the token could attempt to head toward $1. However, if selling pressure increases, XRP could lose another 5% of its value and drop to $0.54.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Victor Olanrewaju
https://beincrypto.com/crypto-whales-bought-50-million-xrp/
2024-08-27 17:00:00
